The system allows brokers access to ‘the Matrix’ – a mortgage payment protection insurance (MPPI) product that enables policies to be tailored to suit the specific needs of clients.
After brokers fill in an electronic application on Assurant Intermediary, the Matrix system uses 250,000 possible policy combinations to create a tailor-made policy that suits the individual requirements of each client.
Rod Murdison, proprietor of Murdison and Browning, welcomed the technology. He said: “One of the criticisms of MPPI is that it is often not suitable for the client. Theoretically, with quarter of a million possible policies, you could actually find a policy that would. It sounds like a great idea, but it does depend on how competitive the premiums are. It’s great to have every possible combination, but if it’s twice as expensive as the next option, then client’s won’t want it.”
Ian Moffatt, sales and marketing director at Assurant Solutions, said: “We believe the Matrix and Assurant Solutions Intermediary meets the concerns of the regulator and consumer watchdogs head on. This product takes the flexibility and compliance of MPPI to another level and we expect the Matrix and Assurant Intermediary to become the blueprint for our industry.”
Manjit Rana, director of mortgage solutions, Focus Business Solutions, said: “Since the FSA started regulating general insurance business in January 2005, there has been an increase in demand for POS solutions that create a compliant sales process across multiple financial services markets. Focus’s technology is now being used across the mortgage sector by lenders, packagers, sourcing systems, distributors and mortgage networks.”
